REPORTING SEASON: Rio Tinto (RIO)
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Figure 1: Rio Tinto 12 month chart
Australia’s second largest miner, Rio Tinto (RIO) delivered a 17.9% fall in its half year (Jan-June) underlying profit to US$4.2 billion.
The result (out after the market close on Thursday) was in-line with consensus but held back partly by weaker iron ore prices.
Iron ore accounted for close to 90% of RIO’s earnings, so a 15% fall in the value of the commodity since hitting a high in February does impact its bottom line.
An AU$0.93 per share dividend was announced, payable to eligible shareholders on 12 September.
In mid-July, RIO had already reiterated its production guidance for both iron ore and copper (two of its most important exports) for 2013.